June Jobs Report Better Than Expected

Something for the Hawks and the Doves: June Jobs Beat Expectations But Wages Slow

The momentum in the US labor market picked up in June, new government data showed Friday, with the private sector and the government adding 222,000 jobs.

Economists forecast the economy will expand at roughly a 2 percent pace this year, about the same as it has grown since the recession ended.

The government said job gains occurred in health care, social assistance, financial activities, and mining.

The remaining 1.1 million people marginally attached to the labor force in June had not searched for work in the past month for reasons such as school attendance or family responsibilities, according to the BLS. On June 14, the Federal Reserve raised its benchmark interest rate by a quarter point, from 1 percent to 1.25 percent, the third such increase in six months.

The new numbers come as the president engages in his second foreign trip as president.

Job growth had appeared to decelerate in April and May, but in its latest release the Labor Department revised the job creation estimates to 207,000 in April from 174,000, and to 152,000 in May from 138,000. Employment growth has averaged about 121,000 new jobs over the previous three months. Remember, the headline unemployment rate declined under Barack Obama because people were leaving the workforce.

House leader: Revenue vote now set for weekend
Madigan said Saturday on the House floor that members will convene again Sunday, but no budget bills will be called before Monday. Also, state-funded construction projects would be halted and the state's credit rating would likely be downgraded to junk status.

"Small business optimism has been flying high for months based on the expectation that Congress will cut taxes and reform health care", she said.

The unemployment rate rose slightly to 4.4%, hovering just above its lowest level since 2001. Spot gold sank all the way down to $1,217/oz, its lowest in almost four months, while spot silver lost 1.5% to trade below $15.80/oz. The rate rose because more Americans began looking for work, but not all found jobs. In June, the underemployment rate rose to 8.6%. The industry has added 277,000 jobs over the year. In June, average hourly earnings of private-sector production and nonsupervisory employees increased by 4 cents to $22.03.

The pace of job gains remains relatively strong, almost seven years into the current economic expansion.

U.S. employment rose by more than expected last month, but wage growth remained subdued, latest figures show.

U.S. job growth surged more than expected in June and employers increased hours for workers, signs of labour market strength that could keep the Federal Reserve on course for a third interest rate increase this year despite benign inflation.

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